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Aug 11th, 2010: Update 3 – Mid-day

Posted by pugsma on August 11, 2010

11:45 am EST:  SP-500 has hit 1091 and has exceeded the initial target of 1093 for C=1.62A.  Next support is at 1088 which is the 50-day SMA.  The 38% retrace of wave 1-[1] target is at 1084.  This 1084 target also agrees with the lower channel edge of a new parallel channel based off the upper rising wedge trend line.  So basically if 1084 holds up the leading diagonal, rising wedge for wave 1-[1] has broken down into a lesser aggressive rising channel.  And wave 2-[1] could find support at this lower channel edge.

From the smaller degree count perspective, we look to be transistioning from wave (3) to wave (4) of C with potentially one more drop to come for wave (5) of C of 2-[1].

SP-500 60-min chart (11:30 am EST):

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